Green Energy Highlights of Johnson Controls (JCI) Earnings

Johnson Controls (JCI), a conglomerate involved in lithium battery production and building efficiency reported mixed earnings this morning posting an EPS 1 cent better than expectations at a loss of .16 share (it’s the 2nd straight quarter of losses) on revenues of 6.3 billion vs the consensus of 6.93 billion.

Here are some highlights regarding the  green energy segments of its business:

Building Efficiency

– Excluding currency fluctuation, building efficiency sales were down 2% to $3 billion with most of the weakness coming from the residential side
– backlog of uncompleted contracts were up 6% to $4.5 billion over the previous year
– government customers are delaying awarding contracts for energy efficiency projects pending eligibility under the American Reinvestment and Recovery Act stimulus
– has identified a project pipeline of $535 million that is directly attributed to stimulus funds which will begin having a positive impact on financial performance beginning next year
– selected to participate in $20 million efficiency retrofit of Empire State Building

Lithium Ion Batteries

received $149 million in incentives from Michigan to build lithium ion manufacturing facility with capacity for 15 million batteries annually
– increasing investments in lithium battery expansion/research

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